SMN vs. QLD
SMN (ProShares UltraShort Basic Materials) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SMN tracks the Dow Jones U.S. Basic Materials Index (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SMN returned -24.12%/yr vs 33.72%/yr for QLD. At a correlation of -0.63, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SMN vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, SMN achieves a -19.90% return, which is significantly lower than QLD's 26.84% return. Over the past 10 years, SMN has underperformed QLD with an annualized return of -24.12%, while QLD has yielded a comparatively higher 33.72% annualized return.
SMN
- 1D
- -0.44%
- 1M
- 6.34%
- 6M
- -9.45%
- YTD
- -19.90%
- 1Y
- -20.05%
- 3Y*
- -12.05%
- 5Y*
- -16.15%
- 10Y*
- -24.12%
- ALL TIME*
- -27.55%
QLD
- 1D
- 3.72%
- 1M
- -8.80%
- 6M
- 29.94%
- YTD
- 26.84%
- 1Y
- 45.76%
- 3Y*
- 39.61%
- 5Y*
- 19.04%
- 10Y*
- 33.72%
- ALL TIME*
- 25.12%
SMN vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMN ProShares UltraShort Basic Materials | -19.90% | -17.96% | 7.37% | -20.23% | -3.03% | -45.83% | -55.75% | -33.63% | 32.74% | -38.03% |
QLD ProShares Ultra QQQ | 26.84% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between SMN and QLD is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.63 |
Over the past year, the inverse relationship between SMN and QLD has weakened: their correlation has moved from -0.63 to -0.36, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMN vs. QLD — Risk / Return Rank
SMN
QLD
SMN vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Basic Materials (SMN) and ProShares Ultra QQQ (QLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMN | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.22 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.83 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.84 | 5.83 | -6.66 |
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Drawdowns
SMN vs. QLD - Drawdown Comparison
The maximum SMN drawdown since its inception was -99.92%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SMN and QLD.
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Drawdown Indicators
| SMN | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -83.13% | -16.79% |
Max Drawdown (1Y)Largest decline over 1 year | -38.52% | -25.13% | -13.39% |
Max Drawdown (3Y)Largest decline over 3 years | -53.71% | -42.29% | -11.42% |
Max Drawdown (5Y)Largest decline over 5 years | -66.05% | -63.68% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -94.78% | -63.68% | -31.10% |
Current DrawdownCurrent decline from peak | -99.91% | -11.18% | -88.73% |
Average DrawdownAverage peak-to-trough decline | -90.59% | -18.11% | -72.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.05% | 7.87% | +16.18% |
Volatility
SMN vs. QLD - Volatility Comparison
The current volatility for ProShares UltraShort Basic Materials (SMN) is 9.80%, while ProShares Ultra QQQ (QLD) has a volatility of 14.46%. This indicates that SMN experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMN | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.80% | 14.46% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 28.13% | 31.13% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.26% | 37.50% | -2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.60% | 45.62% | -6.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.84% | 44.89% | -2.05% |
SMN vs. QLD - Expense Ratio Comparison
Both SMN and QLD have an expense ratio of 0.95%.
Dividends
SMN vs. QLD - Dividend Comparison
SMN's dividend yield for the trailing twelve months is around 3.49%, more than QLD's 0.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLD ProShares Ultra QQQ | 0.13% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
SMN ProShares UltraShort Basic Materials | 3.49% | 4.08% | 5.02% | 4.54% | 0.42% | 0.00% | 0.00% | 0.72% | 0.06% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMN and QLD have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLD has higher volatility (14.46%) compared to SMN (9.80%). In terms of maximum drawdown, SMN dropped -99.92% vs QLD's -83.13%.
On 10-year performance, QLD leads with 33.72% vs -24.12% for SMN. Both ETFs have the same 0.95% expense ratio. On volatility, SMN has been the lower-risk option at 9.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 33.72% return vs -24.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMN and QLD have the same expense ratio: 0.95% per year.
SMN has the higher dividend yield at 3.49%, compared with 0.13% for QLD.
SMN tracks Dow Jones U.S. Basic Materials Index (-200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (1.23 vs -0.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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